Bitcoin adoption is still having difficulties among users, depending on various factors, like geography, politics, economic systems, and, most important, literacy. According to a report from NewsBTC, a specific category, who needs Bitcoin the most, are those who are actually unaware of the existence of the cryptocurrency, due to illiteracy and lack of access to the Internet.
A lot of crypto enthusiasts in developed countries consider Bitcoin as the main tool to topple central banks and the financial system. People rely on its decentralized nature, as well as freedom from any central authority, in order to fulfill their dreams. However, for people in third world countries, the coin could be a really urgent need!
Some countries can use cryptocurrencies to save some money!
For example, countries like Venezuela or Zimbabwe can’t rely on any official currencies for saving purposes. Citizens from these countries – and many others – tend to exchange their money to US Dollars in order to store some value.
Basically, this is a still unexplored opportunity that could skyrocket the adoption of Bitcoin. Yes, the market is still volatile, but the currency can be considered relatively stable, compared to the currencies present in the above-mentioned countries and many others.
On the other side, let’s not forget how cryptocurrencies are obtained: by mining them. This is definitely an attractive aspect, especially for countries with cheap electricity, like Venezuela. Besides this, let’s not forget that Bitcoin allows a lot of economic agents to circumvent government bans, but also international sanctions.
Bitcoin can become accessible to everybody
As for literacy, it can be said that this has been an essential asset for a lot of cryptocurrency enthusiasts, allowing them to buy, mine, and trade Bitcoin. Currently, a big part of underdeveloped countries have very low literacy rates, which automatically means a low adoption of cryptocurrencies, so far.
“It’s only a matter of the right tools existing that can make Bitcoin more accessible to not just non-technical populations, but even non-literate ones”, said Janey, a former humanitarian in Afghanistan, who considers that there is no reason that cryptocurrencies cannot become popular in such countries.